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Additional Grants for Small business 

On the 2 May 2020, the Government announced additional support for small business that did not meet the existing criteria.

It has been widely reporting in the media that many businesses with property are missing out on the financial support.

The Government have therefore set up a discretionary fund to assist these businesses that have ongoing fixed property related costs.

The Government has asked local authorities to prioritise:

  1. Business in shared spaces
  2. Regular market traders
  3. Small charity properties that would meet the criteria for Small Business Rates Relief
  4. Bed and Breakfast that pay council tax rather than business rates

The support is aimed at small business that has less than 50 employees with ongoing fixed property related costs. It is to catch small business that did not qualify under the existing Small Business Grants Fund or the Retail, Hospitality and Leisure Grants Fund.

There are three levels of grant:

  1. Maximum of £25,000
  2. £10,000
  3. Or a grant under £10,000, which would be at the discretion of the Council

To be eligible you must be:

  1. Small and have under 50 employees
  2. Must be able to demonstrate that you have seen a significant drop in income due to the Coronavirus restrictions

Your respective Council will have to autonomy to review the local need and provide the grants.

If you have applied and not been successful, or you feel you may fit this criteria, our advice is contact the Council and request further details on this.

 

Please contact the Spirare Team for any support you may need.